#数字货币市场洞察 This year, the market has seen a phenomenon not witnessed in a decade: U.S. stocks and Bitcoin have completely diverged.

The S&P 500 is up 16%. This rally is underpinned by expectations of Fed rate cuts, improved performance in tech and energy sectors, and signs of easing trade tensions, making risk assets attractive. But what about $BTC? It’s down 3%.

So, where’s the problem? Investors are becoming more discerning. Those seeking stability would rather buy safe-haven assets like gold than touch the highly volatile crypto market. What’s worse, inflows into Bitcoin ETFs have clearly cooled, and liquidations among high-leverage players have triggered a chain reaction, chilling overall market sentiment. Coupled with tightening regulatory policies worldwide, speculative activity has been firmly suppressed.

This divergence actually signals something: the old “move in tandem with U.S. stocks” relationship for Bitcoin is loosening. Traditional stock markets are supported by corporate earnings, making their movements relatively steady. Meanwhile, the crypto market is experiencing an “identity crisis”—is it a safe-haven asset or a risk asset? The market is still repricing.